<\/p>\n
To a large extent, the blame for the non-materialisation of climate finance lies with developed countries. However, developing countries like Pakistan are also at fault for ineffective self-advocacy.<\/p>\n
The devastation that Pakistan faced from the floods in 2022<\/a> is still firmly etched in people\u2019s minds. Almost a third of the country was under water. Loss of lives, livelihood, and homes took place at a scale most of us had never seen before. The total damage was estimated at $14.9 billion<\/a>, the loss to GDP at $15.2bn, and rehabilitation needs at $16.3bn.<\/p>\n Caretaker Finance Minister Dr Shamshad Akhtar said at the Pakistan Climate Conference 2023 that the country needs $340bn<\/a> over the next seven years to address climate change-related challenges. Nearly $200bn of this amount needs to go towards adaptation, while the remaining $140bn is required for mitigation efforts.<\/p>\n But the billion-dollar question is: where will all this money come from?<\/p>\n Since the 1850s \u2014 or the end of the Industrial Revolution \u2014 the US, UK, China and European countries have been the largest contributors<\/a> of global greenhouse gas emissions (GHG) emissions. The cost of rapid industrialisation is borne disproportionately by developing countries like Pakistan, whose contribution to greenhouse gas emissions are negligible, but remain highly vulnerable to the effects of climate change. This makes climate finance a reparatory right \u2014 the right to repair and defend against the damage caused by the actions of another.<\/p>\n Climate justice<\/h2>\n